Company registration number 04390226 (England and Wales)
MARINE SPECIALISED TECHNOLOGY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
MARINE SPECIALISED TECHNOLOGY LIMITED
COMPANY INFORMATION
Directors
B W P Kerfoot
P T L Hilbert
P A Hine
Secretary
Newfield Trust Services Limited
Company number
04390226
Registered office
Riverbank Road
Bromborough
Wirral
CH62 3JQ
Auditor
BWM
Suite 5.1
12 Tithebarn Street
Liverpool
L2 2DT
Bankers
Handelsbanken
(to 19 August 2021)
166 - 169 Exchange Station
Tithebarn Street
Liverpool
L2 2QP
Barclays Bank plc
Lord Street
Liverpool
L2 1TD
MARINE SPECIALISED TECHNOLOGY LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11 - 12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 38
MARINE SPECIALISED TECHNOLOGY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 1 -
The directors present the strategic report for the year ended 30 September 2021.
Fair review of the business
The performance of the group in the year was disappointing as we continued to be held back by the adjustments needed to deal with the decision to leave the EU and, in particular, the continued disruptions to markets and supply chains caused by the Covid-19 pandemic. We were unable to convert the large order book to sales albeit the order book itself continued to grow and currently stands at £79m – a record. Of note in the year was the delivery of our first HPB-1900 patrol craft to the Royal Gibraltar Squadron of the Royal Navy. Commissioned as HMS Cutlass, this
craft
is the first Royal Navy vessel to be built on the River Mersey in the last
3
0 years and was joined after the year-end by her sister
ship
HMS Dagger.
In August 2021 we completed the purchase of the former McTay’s shipyard in Bromborough on the Wirral peninsular and, following a large-scale refurbishment of the yard and offices, have moved our main manufacturing business and head office to this site in May and June 2022. This freehold site gives us the ability to build much larger boats in the main build shed which is provided with three travelling gantry cranes and the site provides space for storage and development of further facilities. The site has a 90m slipway into the River Mersey capable of launching and recovering vessels up to 750 tonnes and has a 110 tonne Wise amphibious boat lift allowing boats to be moved out of the water and around the 7 acre site. As part of this move we have taken over the ship maintenance and repair business at the yard focussing mainly on the Wind Farm sector operating in the Irish Sea.
The group aims to lead in innovation in its markets, to build upon its continuing relationships with customers and develop its through-life maintenance work for the installed fleet of boats around the world.
The Group returned an
operating profit
of
£
222,948 on turnover of
£12,353,512
for the year. The directors believe that significant opportunities exist to develop the business further and continue to actively pursue sales in its existing and new geographical markets.
Principal risks and uncertainties facing the group
The directors and senior management continually monitor the key risks facing the
business as well as assessing the controls used for managing these risks.
We are aware that any plans for the future development of the business may be subject to
unforeseen future events outside our control. In particular, the group’s activities will be
affected by the levels of defence spending in the UK and overseas.
A significant proportion of the group’s activities relate to export markets. The decision of the UK to leave the EU continues to present challenges in the group’s European markets. Whilst most EU member states have taken a pragmatic approach to dealing with a non-EU member certain countries have used the UK’s new status as a reason not to engage with us.
Firm contracts priced in foreign currencies are managed through the use of appropriate exchange rate hedges.
MARINE SPECIALISED TECHNOLOGY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 2 -
Financial risk management objectives and policies
The management of the business and execution of the group's strategy are subject to a number of risks including price risk, exchange rate risk, credit risk and liquidity risk. The use of financial derivatives is governed by the group's policies, approved by the board of directors, which provide written principles on the use of such instruments to manage currency exchange and interest rate risks. The group does not use derivative financial instruments for speculative purposes.
Price risk
The group is exposed to price risk on the parts and components which it buys in. Wherever possible, contracts with suppliers are entered into to match the terms and timing of sales orders.
Exchange rate risk
The group can be significantly exposed to financial risks of foreign currency exchange rates as contracts are frequently taken in currencies other than sterling. These exposures are first matched with purchase contracts taken in the same currencies and any remaining exposure is hedged using forward contracts with UK banks.
Credit risk
The group's principal financial assets are bank balances and cash, trade and other receivables. The group's credit risk is primarily attributed to trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. In practice, the group seeks advance payments from commercial customers for its products and obtains letters of credit or similar to cover risks once products are despatched.
Liquidity risk
The group has funded and intends to continue funding its on-going operations and future developments through cash generated from operating activities and secured bank borrowings.
Development and performance
Research and development
During the year the group has undertaken research and development activities as it continues to invest in new designs and to update existing products. The results for the group show research and development expenditure
of
£478,775
(2020 - £95,207) which has enabled the business to develop innovative products that continue to provide a competitive advantage within the industry.
Key Performance Indicators ("KPl's")
Group management monitors the performance of the operations of each business unit against budgets and forecasts.
KPl's monitored on a daily basis are:
-
Order intake and levels of enquiries
-
Production progress
-
Utilisation of direct labour
-
Allocation of designers’ time to projects
-
Cash headroom and Borrowings
KPl's measured on a weekly or monthly basis are the above plus:
-
Profit and Cash Generation
-
Debtor, Creditor and Stock days
-
On time Delivery Performance
-
Turnover/Profit per employee
-
Overtime and absentee rates
-
Health and Safety record
MARINE SPECIALISED TECHNOLOGY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 3 -
B W P Kerfoot
Director
21 July 2022
MARINE SPECIALISED TECHNOLOGY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 4 -
The directors present their annual report and financial statements for the year ended 30 September 2021.
Principal activities
The principal activity of the company continues to be that of a designer, manufacturer and provider of in-service support of high speed and rigid inflatable boats (“RIBs”) for military, law enforcement, commercial and search and rescue users worldwide. It also acts as a holding company which manages and co-ordinates the activities of its subsidiary companies, MST Fleet Services Limited (now dormant), MST Special Products Limited and Specialised Inflatable Technology Limited which carry on related activities.
Results and dividends
The results for the year are set out on page 9.
The group
profit
for the year amounted to £
396,727
(2
020:
£
424,244
). An interim dividend on the ordinary shares of the company was paid amounting to £nil (20
20
- £
nil
).
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
B W P Kerfoot
P T L Hilbert
P A Hine
Auditor
The auditors, BWM, are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor
of the
company is
unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor
of the
company
is
aware of that information.
The
group
has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the
group
's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of
post-balance sheet events affecting the group, future developments in the business of the group, research and development activities of the group and the financial risk management objectives and policies of the group including the exposure of the group included in the consolidation to price risk, credit risk, liquidity risk and cash flow risk.
On behalf of the board
B W P Kerfoot
Director
21 July 2022
MARINE SPECIALISED TECHNOLOGY LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 5 -
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the
;
-
prepare the
on the going concern basis unless it is inappropriate to presume that the
group and
company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
MARINE SPECIALISED TECHNOLOGY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MARINE SPECIALISED TECHNOLOGY LIMITED
- 6 -
Opinion
We have audited the
financial statements of
Marine Specialised Technology Limited
(the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2021 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements,
including
significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the group's and the parent company's affairs as at 30 September 2021 and of the group's profit for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the
Auditor's
responsibilities for the audit of the
financial statements
section of our report. We are independent of the
group and
parent company
in accordance with the ethical requirements that are relevant to our audit of the
financial statements
in the UK, including the FRC’s Ethical Standard
, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the
group's and
parent
company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the strategic report and the directors'
r
eport for the financial year for which the financial statements are prepared is consistent with the financial statements
; and
-
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
MARINE SPECIALISED TECHNOLOGY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MARINE SPECIALISED TECHNOLOGY LIMITED
- 7 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the
group and the parent
company and
their
environment obtained in the course of the audit, we have not identifie
d
material misstatements in the strategic report or the directors'
r
eport
. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
-
the parent company financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of directors' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors'
r
esponsibilities
s
tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of
financial statements
that are free from material misstatement, whether due to fraud or error. In preparing the
financial statements
, the
directors are
responsible for assessing the
parent
company
'
s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have
no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the
financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor's
report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these
financial statements
.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below
.
The extent to which the audit was considered capable of detecting irregularities, including fraud
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
-
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
-
we identified the laws and regulations applicable to the company through discussions with directors and other management
;
-
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the
Companies Act 2006,
taxation legislation and data protection, anti-bribery, employment
and health and safety legislation;
-
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence
; and
-
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
MARINE SPECIALISED TECHNOLOGY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MARINE SPECIALISED TECHNOLOGY LIMITED
- 8 -
W
e assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
-
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
-
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
-
performed analytical procedures to identify any unusual or unexpected relationships;
-
tested journal entries to identify unusual transactions;
-
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias
; and
-
investigated the rationale behind significant or unusual transactions
.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
-
agreeing financial statement disclosures to underlying supporting documentation;
-
reading the minutes of meetings of those charged with governance; and
-
enquiring of management as to actual and potential litigation and claims
.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Peter Taaffe FCA CTA DChA (Senior Statutory Auditor)
For and on behalf of BWM
25 July 2022
Chartered Accountants
Statutory Auditor
Suite 5.1
12 Tithebarn Street
Liverpool
L2 2DT
MARINE SPECIALISED TECHNOLOGY LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 9 -
2021
2020
Notes
£
£
Turnover
3
12,353,512
12,083,614
Cost of sales
(9,702,783)
(8,792,181)
Gross profit
2,650,729
3,291,433
Administrative expenses
(2,480,117)
(2,856,768)
Other operating income
52,336
84,041
Operating profit
4
222,948
518,706
Interest receivable and similar income
8
63
107
Interest payable and similar expenses
9
(63,308)
(19,685)
Profit before taxation
159,703
499,128
Tax on profit
10
187,960
(74,884)
Profit for the financial year
347,663
424,244
Other comprehensive income
Revaluation of tangible fixed assets
12
60,573
Tax relating to other comprehensive income
(11,509)
Total comprehensive income for the year
396,727
424,244
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.
MARINE SPECIALISED TECHNOLOGY LIMITED
GROUP BALANCE SHEET
AS AT 30 SEPTEMBER 2021
30 September 2021
- 10 -
2021
2020
Notes
£
£
£
£
Fixed assets
Goodwill
11
58,300
Tangible assets
12
4,925,701
2,079,453
4,925,701
2,137,753
Current assets
Stocks
16
5,983,286
3,675,640
Debtors
17
5,119,910
3,026,764
Cash at bank and in hand
314,568
2,094,547
11,417,764
8,796,951
Creditors: amounts falling due within one year
18
(7,895,102)
(4,456,975)
Net current assets
3,522,662
4,339,976
Total assets less current liabilities
8,448,363
6,477,729
Creditors: amounts falling due after more than one year
19
(2,274,333)
(587,992)
Provisions for liabilities
Provisions
22
141,946
77,401
Deferred tax liability
23
328
177,307
(142,274)
(254,708)
Net assets
6,031,756
5,635,029
Capital and reserves
Called up share capital
25
451,400
1,650
Revaluation reserve
143,671
94,607
Capital redemption reserve
449,750
Profit and loss reserves
5,436,685
5,089,022
Total equity
6,031,756
5,635,029
The notes on pages 16 to 38 form part of these financial statements.
The financial statements were approved by the board of directors and authorised for issue on 21 July 2022 and are signed on its behalf by:
21 July 2022
B W P Kerfoot
Director
MARINE SPECIALISED TECHNOLOGY LIMITED
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2021
30 September 2021
- 11 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
12
3,831,261
998,209
Investments
13
555,155
555,155
4,386,416
1,553,364
Current assets
Stocks
16
4,475,642
2,335,757
Debtors
17
5,556,799
3,416,110
Cash at bank and in hand
213,528
1,807,735
10,245,969
7,559,602
Creditors: amounts falling due within one year
18
(8,137,189)
(4,731,719)
Net current assets
2,108,780
2,827,883
Total assets less current liabilities
6,495,196
4,381,247
Creditors: amounts falling due after more than one year
19
(1,754,476)
(46,324)
Provisions for liabilities
Provisions
22
116,946
52,401
Deferred tax liability
23
(36,395)
134,900
(80,551)
(187,301)
Net assets
4,660,169
4,147,622
Capital and reserves
Called up share capital
25
451,400
1,650
Capital redemption reserve
449,750
Profit and loss reserves
4,208,769
3,696,222
Total equity
4,660,169
4,147,622
The notes on pages 16 to 38 form part of these financial statements.
As permitted by s408 Companies Act 2006, the
c
ompany has not presented its own profit and loss account and related notes. The
c
ompany’s profit for the year was £512,547 (2020 - £261,997 profit).
MARINE SPECIALISED TECHNOLOGY LIMITED
COMPANY BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2021
30 September 2021
- 12 -
The financial statements were approved by the board of directors and authorised for issue on 21 July 2022 and are signed on its behalf by:
21 July 2022
B W P Kerfoot
Director
Company Registration No. 04390226
MARINE SPECIALISED TECHNOLOGY LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 13 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 October 2019
1,650
94,607
449,750
4,664,778
5,210,785
Year ended 30 September 2020:
Profit and total comprehensive income for the year
-
-
-
424,244
424,244
Balance at 30 September 2020
1,650
94,607
449,750
5,089,022
5,635,029
Year ended 30 September 2021:
Profit for the year
-
-
-
347,663
347,663
Other comprehensive income:
Revaluation of tangible fixed assets
-
60,573
-
-
60,573
Tax relating to other comprehensive income
-
(11,509)
-
(11,509)
Total comprehensive income for the year
-
49,064
-
347,663
396,727
Bonus issue of shares
25
449,750
-
-
449,750
Other movements
-
-
(449,750)
-
(449,750)
Balance at 30 September 2021
451,400
143,671
5,436,685
6,031,756
MARINE SPECIALISED TECHNOLOGY LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 14 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 October 2019
1,650
449,750
3,434,225
3,885,625
Year ended 30 September 2020:
Profit and total comprehensive income for the year
-
-
261,997
261,997
Balance at 30 September 2020
1,650
449,750
3,696,222
4,147,622
Year ended 30 September 2021:
Profit and total comprehensive income for the year
-
-
512,547
512,547
Bonus issue of shares
25
449,750
-
449,750
Other movements
-
(449,750)
-
(449,750)
Balance at 30 September 2021
451,400
4,208,769
4,660,169
MARINE SPECIALISED TECHNOLOGY LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 15 -
2021
2020
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
28
(488,344)
1,195,748
Interest paid
(63,308)
(19,685)
Income taxes (paid)/refunded
(82)
1,761
Net cash (outflow)/inflow from operating activities
(551,734)
1,177,824
Investing activities
Purchase of tangible fixed assets
(3,024,525)
(730,425)
Proceeds on disposal of tangible fixed assets
-
11,028
Interest received
63
107
Net cash used in investing activities
(3,024,462)
(719,290)
Financing activities
Proceeds from borrowings
400,000
-
Proceeds of new bank loans
1,510,000
600,000
Repayment of bank loans
(105,106)
(140,547)
Payment of finance leases obligations
(8,677)
(8,677)
Net cash generated from financing activities
1,796,217
450,776
Net (decrease)/increase in cash and cash equivalents
(1,779,979)
909,310
Cash and cash equivalents at beginning of year
2,094,547
1,185,237
Cash and cash equivalents at end of year
314,568
2,094,547
MARINE SPECIALISED TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 16 -
1
Accounting policies
Company information
Marine Specialised Technology Limited (“the company”)
is a
private
limited company domiciled and incorporated in
England and Wales
.
The registered office is
Riverbank Road, Bromborough, Wirral, CH62 3JQ.
The group consists of Marine Specialised Technology Limited and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Basis of consolidation
In the parent company
financial statements, t
he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date.
Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date.
I
nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
The consolidated
financial statements
incorporate those of Marine Specialised Technology Limited and all of its subsidiaries (ie entities that the
g
roup controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.
All
financial statements
are made up to 30 September 2021
.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
1.3
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the
group
has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
MARINE SPECIALISED TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
1
Accounting policies
(Continued)
- 17 -
1.4
Turnover
Turnover represents amounts receivable for goods and services provided during the year net of VAT and trade discounts.
Revenue is recognised
in the period
when the
material
risks and rewards of ownership of the goods have passed to the buyer
which would usually be
on dispatch of the goods
or services or when a pre-determined milestone is reached.
1.5
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated
.
1.6
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of
a
business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 7 years.
Goodwill is reviewed for impairment at the end of the first full financial year following acquisition and subsequently as and when necessary if circumstances emerge that indicate that the carrying value may not be recoverable.
1.7
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Know how
10 years
Patent costs are expensed when there is considered to be no future benefit to the group.
1.8
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
2% straight line
Moulds, plant & machinery
10% straight line / 25% reducing balance
Fixtures, fittings & equipment
25% reducing balance
Computer equipment
33% straight line
Motor vehicles
25% reducing balance / 12.75% straight line
Assets in the course of construction are not depreciated.
MARINE SPECIALISED TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
1
Accounting policies
(Continued)
- 18 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the
profit and loss account
.
Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.
Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity
;
such
gains and loss are recognised in profit or loss.
1.9
Fixed asset investments
Equity in
vest
ments are measured at fair value through profit or loss
,
except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably
,
which are recognised at cost less impairment until a reliable measure of fair value becomes available.
I
n the parent company
financial statements,
investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the
group. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.10
Impairment of fixed assets
At each reporting
period
end date, the
group
reviews the carrying amounts of its tangible
and intangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
1.11
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Work in progress represents the work carried out at the year end that is not considered billable due to the terms of the contracts under which this work is undertaken. Work in progress is valued on the basis of direct costs. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
MARINE SPECIALISED TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
1
Accounting policies
(Continued)
- 19 -
1.12
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.13
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's
balance sheet
when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
m
ethod unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
MARINE SPECIALISED TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
1
Accounting policies
(Continued)
- 20 -
Basic financial liabilities, including
creditors
, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts,
are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as
being measured at
fair value
through
profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the
group's contractual obligations expire or are discharged or cancelled.
1.14
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.15
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
group’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
MARINE SPECIALISED TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
1
Accounting policies
(Continued)
- 21 -
Deferred tax
Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.16
Provisions
Provisions are recognised when the
group
has a legal or constructive present obligation as a result of a past event, it is probable that the
group
will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.
The Group has an obligation to provide warranty costs on boat sales and in respect of repair work for periods between 12 to 24 months from completion of the work. Provisions are provided at rates of between 1% to 2.5% of relevant turnover.
1.17
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.18
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.19
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the asset
'
s fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
MARINE SPECIALISED TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
1
Accounting policies
(Continued)
- 22 -
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
d
asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.20
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
The Job Retention Scheme grant income will be recognised in the period to which the underlying furloughed staff costs relate to.
1.21
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the group blended rate applicable to such transactions in accordance with the forward currency contracts in place at the year end.
1.22
The financial statements have been prepared on the assumption that group relief will be used to facilitate the transfer of corporation tax losses between companies in the group. No compensation is made in respect of any loss relief between companies.
1.23
Share capital is recorded at the proceeds received, net of direct issue costs and classified as equity.
1.24
Distributions to equity holders
Dividends to the company's shareholders are recognised as a liability in the financial statements in the period in which they are approved and paid. These amounts are recognised in the statement of changes in equity.
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
MARINE SPECIALISED TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
2
Judgements and key sources of estimation uncertainty
(Continued)
- 23 -
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Useful economic lives of tangible assets
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are assessed on initial acquisition and reassessed periodically to ensure they remain appropriate. They are amended when necessary to reflect current estimates based on technological advancement, future investments, economic utilisation and the physical condition of the assets. Accounting policy note 1.8 sets out the useful economic lives for each class of asset and carrying values of property plant and equipment is shown in note 1
2
.
Impairment of debtors
The group makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors management considers factors such as current credit rating, the ageing profile of debtors and historical experience. The carrying amount of trade and other debtors are set out in note 1
7
.
Warranty provisions
In accordance with specific sales agreements the group is obliged to provide warranty services on both its boat builds and repair work. Those provisions are recognised on completion and despatch of the boat or completion of the relevant repair service and are calculated based on an appropriate percentage of the sales price. The period in which the warranty is provided is pre-determined in the sales agreement however the amount of the provision is estimated by directors using their knowledge and expertise of their products and the industry as a whole. Expenditure relating to boats post sale are captured and reviewed to ensure the provision is at an appropriate level. The carrying amount of warranty provisions is set out in note 2
2
.
Absorption costing rates
The group uses estimates and assumptions in calculating labour rates and overhead absorption rates when valuing work in progress. The labour rates are based on the total labour cost for employees in each division divided by the number of productive hours for each division. The overhead absorption rate is based on the total overheads divided by the total number of productive hours for all divisions.
MARINE SPECIALISED TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 24 -
3
Turnover and other revenue
2021
2020
£
£
Other significant revenue
Interest income
63
107
Grants received
41,654
21,321
Job Retention Scheme Grants
-
39,539
In the directors’ opinion, disclosing the different classes of business and different markets would be seriously prejudicial to the group’s interest, therefore the group has taken the decision to exclude this analysis from the financial statements.
Turnover represents the manufacture and maintenance of boats and other equipment.
4
Operating profit
2021
2020
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses
59,893
33,759
Research and development costs
478,775
95,207
Government grants
(41,654)
(21,321)
Depreciation of owned tangible fixed assets
227,172
189,505
Depreciation of tangible fixed assets held under finance leases
11,678
11,678
Amortisation of intangible assets
58,300
58,300
Operating lease charges
211,615
242,554
Exchange differences recognised in profit or loss during the year, except for those arising on financial instruments measured at fair value through profit or loss, amounted to £
59,893
loss (2
020
- £
33,759
loss).
5
Auditor's remuneration
2021
2020
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
14,505
12,740
Audit of the financial statements of the company's subsidiaries
7,045
7,500
21,550
20,240
For other services
All other non-audit services
8,992
7,347
MARINE SPECIALISED TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 25 -
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2021
2020
2021
2020
Number
Number
Number
Number
Production
62
68
36
36
Design/Engineering
8
11
8
10
Project Management
3
5
3
4
Administration
24
31
20
26
Directors
3
3
3
3
Total
100
118
70
79
Their aggregate remuneration comprised:
Group
Company
2021
2020
2021
2020
£
£
£
£
Wages and salaries
2,884,309
3,362,841
2,278,271
2,561,135
Social security costs
277,365
295,168
232,925
238,065
Pension costs
73,026
84,719
55,499
63,723
3,234,700
3,742,728
2,566,695
2,862,923
7
Directors' remuneration
2021
2020
£
£
Remuneration for qualifying services
148,197
119,508
The directors' remuneration shown above relates to the directors of the parent company only.
8
Interest receivable and similar income
2021
2020
£
£
Interest income
Interest on bank deposits
63
107
Investment income includes the following:
Interest on financial assets not measured at fair value through profit or loss
63
107
MARINE SPECIALISED TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 26 -
9
Interest payable and similar expenses
2021
2020
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
20,519
18,550
Other interest on financial liabilities
41,654
-
62,173
18,550
Other finance costs:
Interest on finance leases and hire purchase contracts
1,135
1,135
Total finance costs
63,308
19,685
10
Taxation
2021
2020
£
£
Current tax
UK corporation tax on profits for the current period
2,596
Adjustments in respect of prior periods
187
Total UK current tax
2,783
Foreign current tax on profits for the current period
5,770
1,412
Adjustments in foreign tax in respect of prior periods
(5,242)
(14,307)
Total current tax
528
(10,112)
Deferred tax
Origination and reversal of timing differences
(188,488)
84,996
Total tax (credit)/charge
(187,960)
74,884
MARINE SPECIALISED TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
10
Taxation
(Continued)
- 27 -
The actual (credit)/charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2021
2020
£
£
Profit before taxation
159,703
499,128
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2020: 19.00%)
30,344
94,834
Tax effect of expenses that are not deductible in determining taxable profit
11,283
11,537
Unutilised tax losses carried forward
346,046
36,850
Adjustments in respect of prior years
2,783
Double tax relief
(7,319)
(1,204)
Permanent capital allowances in excess of depreciation
(216,704)
(141,043)
Depreciation on assets not qualifying for tax allowances
45,575
38,225
Research and development tax credit
(209,225)
(23,222)
Other - MST Fleet NL
528
(12,895)
Deferred tax movement
(188,488)
84,996
Tax losses utilised
(15,977)
Taxation (credit)/charge
(187,960)
74,884
In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:
2021
2020
£
£
Deferred tax arising on:
Revaluation of property
11,509
-
The group has unrelieved tax
losses
carried forward
of
£
2,015,242
(20
20
: £
193,946
), a deferred tax asset of £
382,897
(20
20
: £
36,850) relatin
g to these losses
which has been recognised and
included in the accounts.
MARINE SPECIALISED TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 28 -
11
Intangible fixed assets
Group
Goodwill
Know how
Total
£
£
£
Cost
At 1 October 2020 and 30 September 2021
527,740
25,000
552,740
Amortisation and impairment
At 1 October 2020
411,140
25,000
436,140
Amortisation charged for the year
58,300
58,300
At 30 September 2021
469,440
25,000
494,440
Carrying amount
At 30 September 2021
At 30 September 2020
58,300
58,300
The company had no intangible fixed assets at 30 September 2021 or 30 September 2020.
MARINE SPECIALISED TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 29 -
12
Tangible fixed assets
Group
Land and buildings Freehold
Assets under construction
Moulds, plant & machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Cost or valuation
At 1 October 2020 - restated
1,061,642
576,529
1,159,044
368,419
534,032
228,417
3,928,083
Additions
2,196,199
769,777
54,675
3,874
3,024,525
Revaluation
10,000
10,000
Transfers
(576,529)
576,529
Adjustment re earlier year revaluations
(71,642)
(71,642)
At 30 September 2021
3,196,199
2,505,350
423,094
537,906
228,417
6,890,966
Depreciation and impairment
At 1 October 2020 - restated
100,579
855,687
278,911
511,227
102,226
1,848,630
Depreciation charged in the year
37,505
122,948
33,838
18,238
26,321
238,850
Eliminated on revaluation
(122,215)
(122,215)
At 30 September 2021
15,869
978,635
312,749
529,465
128,547
1,965,265
Carrying amount
At 30 September 2021
3,180,330
1,526,715
110,345
8,441
99,870
4,925,701
At 30 September 2020
961,063
576,529
303,357
89,508
22,805
126,191
2,079,453
MARINE SPECIALISED TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
12
Tangible fixed assets
(Continued)
- 30 -
Company
Land and buildings Freehold
Assets under construction
Moulds, plant & machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Cost or valuation
At 1 October 2020
576,529
906,908
311,092
500,446
224,171
2,519,146
Additions
2,196,199
762,627
47,968
850
3,007,644
Transfers
(576,529)
576,529
At 30 September 2021
2,196,199
2,246,064
359,060
501,296
224,171
5,526,790
Depreciation and impairment
At 1 October 2020
682,503
252,525
485,981
99,928
1,520,937
Depreciation charged in the year
7,321
105,111
25,077
11,197
25,886
174,592
At 30 September 2021
7,321
787,614
277,602
497,178
125,814
1,695,529
Carrying amount
At 30 September 2021
2,188,878
1,458,450
81,458
4,118
98,357
3,831,261
At 30 September 2020
576,529
224,405
67,227
5,805
124,243
998,209
MARINE SPECIALISED TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 31 -
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
Group
Company
2021
2020
2021
2020
£
£
£
£
Motor vehicles
46,819
58,497
46,819
58,497
Group
Freehold
Land and buildings were revalued at
£1m on
27 April 2021
by
Lambert Smith Hampton,
independent valuers
(
not connected with the company
)
on the basis of market value. The valuation conform
ed to the Royal Institution of Chartered Surveyors (RICS) Valuation Guidance Standards - Red Book Global
Standards
.
The following asse
t
s are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:
2021
2020
£
£
Group
Cost
3,141,042
944,843
Accumulated depreciation
(122,454)
96,236
Carrying value
3,018,588
1,041,079
Company
Cost
2,196,199
-
Accumulated depreciation
(7,321)
-
Carrying value
2,188,878
-
13
Fixed asset investments
Group
Company
2021
2020
2021
2020
Notes
£
£
£
£
Investments in subsidiaries
14
555,155
555,155
MARINE SPECIALISED TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
13
Fixed asset investments
(Continued)
- 32 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 October 2020 and 30 September 2021
555,155
Carrying amount
At 30 September 2021
555,155
At 30 September 2020
555,155
14
Subsidiaries
Details of the company's subsidiaries at 30 September 2021 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
MST Fleet Services Limited
England and Wales
Dormant
Ordinary
100.00
-
MST Special Products Limited
England and Wales
Specialised defence products
Ordinary
100.00
-
Specialised Inflatable Technology Limited
England and Wales
Inflatable products manufacture
Ordinary
75.00
-
Subskimmer Limited
England and Wales
Dormant
Ordinary
0
100.00
Subskimmer Limited is a 100% owned subsidiary of MST Special Products Limited.
On 15
July 2022 Marine Specialised Technology Limited exercised its option over the remaining shares in Specialised Inflatable Technology Limited which is now a wholly owned subsidiary.
All of the above companies have been included in the consolidated accounts.
15
Financial instruments
Group
Company
2021
2020
2021
2020
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
4,664,243
4,388,752
4,060,622
4,472,785
Carrying amount of financial liabilities
Measured at amortised cost
3,441,987
2,576,994
2,558,486
2,293,916
MARINE SPECIALISED TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 33 -
16
Stocks
Group
Company
2021
2020
2021
2020
£
£
£
£
Raw materials and consumables
1,232,418
1,094,170
592,677
517,659
Work in progress
4,750,868
2,581,470
3,882,965
1,818,098
5,983,286
3,675,640
4,475,642
2,335,757
17
Debtors
Group
Company
2021
2020
2021
2020
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,020,669
1,420,376
3,829,702
1,192,680
Amounts owed by group undertakings
-
-
677,704
687,739
Other debtors
137,182
363,229
133,184
339,956
Prepayments and accrued income
942,559
1,243,159
896,709
1,195,735
5,100,410
3,026,764
5,537,299
3,416,110
Amounts falling due after more than one year:
Other debtors
19,500
19,500
Total debtors
5,119,910
3,026,764
5,556,799
3,416,110
18
Creditors: amounts falling due within one year
Group
Company
2021
2020
2021
2020
Notes
£
£
£
£
Bank loans
20
106,129
33,900
77,957
Obligations under finance leases
21
46,324
8,677
46,324
8,677
Other borrowings
20
85,821
85,821
Trade creditors
1,647,537
1,580,566
1,474,826
1,411,805
Amounts owed to group undertakings
498,204
599,099
Corporation tax payable
1,858
1,412
1,858
1,412
Other taxation and social security
112,305
75,068
98,935
60,176
Government grants
25,320
31,651
Other creditors
665,154
67,763
661,490
63,300
Accruals and deferred income
5,204,654
2,657,938
5,191,774
2,587,250
7,895,102
4,456,975
8,137,189
4,731,719
MARINE SPECIALISED TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 34 -
19
Creditors: amounts falling due after more than one year
Group
Company
2021
2020
2021
2020
Notes
£
£
£
£
Bank loans and overdrafts
20
1,960,154
541,668
1,440,297
Obligations under finance leases
21
46,324
46,324
Other borrowings
20
314,179
314,179
2,274,333
587,992
1,754,476
46,324
Amounts included above which fall due after five years are as follows:
Payable by instalments
5,627
-
-
-
Payable other than by instalments
384,708
-
-
-
390,335
-
-
-
20
Loans and overdrafts
Group
Company
2021
2020
2021
2020
£
£
£
£
Bank loans
2,066,283
575,568
1,518,254
Other loans
400,000
400,000
2,466,283
575,568
1,918,254
-
Payable within one year
191,950
33,900
163,778
Payable after one year
2,274,333
541,668
1,754,476
Security has been given in respect of bank loans and overdrafts
for the group
of £
2,066,283
(2020: £
575,568)
.
These
are secured by a fixed and floating charge over the company's assets.
Security has been given in respect of bank loans and overdrafts
for the company
of £
1,518,254
(2020: £
nil)
.
These
are secured by a fixed and floating charge over the company's assets.
MARINE SPECIALISED TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 35 -
21
Finance lease obligations
Group
Company
2021
2020
2021
2020
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
46,324
8,677
46,324
8,677
In two to five years
46,324
46,324
46,324
55,001
46,324
55,001
Finance lease obligations are secured against the assets to which they relate.
22
Provisions for liabilities
Group
Company
2021
2020
2021
2020
Notes
£
£
£
£
Warranty provision
141,946
77,401
116,946
52,401
Deferred tax liabilities
23
328
177,307
(36,395)
134,900
142,274
254,708
80,551
187,301
Movements on provisions apart from deferred tax liabilities:
Warranty provision
Group
£
At 1 October 2020
77,401
Additional provisions in the year
64,545
At 30 September 2021
141,946
Warranty provision
Company
£
At 1 October 2020
52,401
Additional provisions in the year
64,545
At 30 September 2021
116,946
MARINE SPECIALISED TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 36 -
23
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
Assets
Assets
2021
2020
2021
2020
Group
£
£
£
£
Accelerated capital allowances
350,356
193,700
832
1,735
Tax losses
-
-
382,897
36,850
Revaluations
33,701
22,192
-
-
384,057
215,892
383,729
38,585
Liabilities
Liabilities
Assets
Assets
2021
2020
2021
2020
Company
£
£
£
£
Accelerated capital allowances
331,620
171,750
-
-
Tax losses
-
-
368,015
36,850
331,620
171,750
368,015
36,850
Group
Company
2021
2021
Movements in the year:
£
£
Liability at 1 October 2020
177,307
134,900
Credit to profit or loss
(188,488)
(171,295)
Charge to other comprehensive income
11,509
-
Liability/(Asset) at 30 September 2021
328
(36,395)
24
Retirement benefit schemes
2021
2020
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
73,026
84,719
A
defined contribution pension scheme
is operated
for all qualifying employees.
The assets of the scheme are held separately from those of the group in an independently administered fund.
MARINE SPECIALISED TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 37 -
25
Share capital
Group and company
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary class 'A' shares of £1 each (2020: 1p each)
223,443
81,675
223,443
817
Ordinary class 'B' shares of £1 each (2020: 1p each)
153,476
56,100
153,476
561
Ordinary class 'C' shares of £1 each (2020: 1p each
74,481
27,225
74,481
272
451,400
165,000
451,400
1,650
On 21 January 2021 44,975,000 ordinary shares of 1p each were issued to the existing shareholders by way of a bonus issue using
the
C
apital Redemption Reserve Fund. The shares were the then converted into £1 ordinary A, B and C shares. Shareholders received 1 £1 share for each 100 1p shares.
Ordinary class 'A' shares rank equally in all respects with ordinary class 'B' and ordinary class 'C' shares.
26
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2021
2020
2021
2020
£
£
£
£
Within one year
177,355
177,355
177,355
177,355
Between two and five years
709,420
709,420
709,420
709,420
In over five years
233,709
411,064
233,709
411,064
1,120,484
1,297,839
1,120,484
1,297,839
27
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2021
2020
£
£
Aggregate compensation
300,818
209,441
The group has taken advantage of the disclosure exemptions to which it is entitled regarding transactions between parent and 100% owned subsidiary companies.
MARINE SPECIALISED TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 38 -
28
Cash (absorbed by)/generated from group operations
2021
2020
£
£
Profit for the year after tax
347,663
424,244
Adjustments for:
Taxation (credited)/charged
(187,960)
74,884
Finance costs
63,308
19,685
Investment income
(63)
(107)
Amortisation and impairment of intangible assets
58,300
58,300
Depreciation and impairment of tangible fixed assets
238,850
201,183
Increase/(decrease) in provisions
64,545
(26,893)
Movements in working capital:
Increase in stocks
(2,307,646)
(440,876)
Increase in debtors
(2,093,146)
(1,281,950)
Increase in creditors
3,327,805
2,167,277
Cash (absorbed by)/generated from operations
(488,344)
1,195,747
29
Analysis of changes in net funds/(debt) - group
1 October 2020
Cash flows
30 September 2021
£
£
£
Cash at bank and in hand
2,094,547
(1,779,979)
314,568
Borrowings excluding overdrafts
(575,568)
(1,890,715)
(2,466,283)
Obligations under finance leases
(55,001)
8,677
(46,324)
1,463,978
(3,662,017)
(2,198,039)
30
Analysis of changes in net funds/(debt) - company
1 October 2020
Cash flows
30 September 2021
£
£
£
Cash at bank and in hand
1,807,735
(1,594,207)
213,528
Borrowings excluding overdrafts
-
(1,918,254)
(1,918,254)
Obligations under finance leases
(55,001)
8,677
(46,324)
1,752,734
(3,503,784)
(1,751,050)
2021-09-30
2020-10-01
false
CCH Software
CCH Accounts Production 2022.200
B W P Kerfoot
P T L Hilbert
P A Hine
Newfield Trust Services Limited
04390226
bus:Consolidated
2020-10-01
2021-09-30
04390226
2020-10-01
2021-09-30
04390226
bus:Director1
2020-10-01
2021-09-30
04390226
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2020-10-01
2021-09-30
04390226
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2020-10-01
2021-09-30
04390226
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2020-10-01
2021-09-30
04390226
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2020-10-01
2021-09-30
04390226
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2020-10-01
2021-09-30
04390226
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2020-10-01
2021-09-30
04390226
bus:Consolidated
2021-09-30
04390226
2021-09-30
04390226
bus:Consolidated
2019-10-01
2020-09-30
04390226
2019-10-01
2020-09-30
04390226
core:RevaluationReserve
bus:Consolidated
2020-10-01
2021-09-30
04390226
core:RetainedEarningsAccumulatedLosses
bus:Consolidated
2020-10-01
2021-09-30
04390226
core:Goodwill
bus:Consolidated
2021-09-30
04390226
core:Goodwill
bus:Consolidated
2020-09-30
04390226
core:PatentsTrademarksLicencesConcessionsSimilar
bus:Consolidated
2021-09-30
04390226
core:PatentsTrademarksLicencesConcessionsSimilar
bus:Consolidated
2020-09-30
04390226
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2020-09-30
04390226
2020-09-30
04390226
core:LandBuildings
core:OwnedOrFreeholdAssets
bus:Consolidated
2021-09-30
04390226
core:ConstructionInProgressAssetsUnderConstruction
bus:Consolidated
2021-09-30
04390226
core:PlantMachinery
bus:Consolidated
2021-09-30
04390226
core:FurnitureFittings
bus:Consolidated
2021-09-30
04390226
core:ComputerEquipment
bus:Consolidated
2021-09-30
04390226
core:MotorVehicles
bus:Consolidated
2021-09-30
04390226
core:LandBuildings
core:OwnedOrFreeholdAssets
bus:Consolidated
2020-09-30
04390226
core:ConstructionInProgressAssetsUnderConstruction
bus:Consolidated
2020-09-30
04390226
core:LandBuildings
core:OwnedOrFreeholdAssets
2021-09-30
04390226
core:ConstructionInProgressAssetsUnderConstruction
2021-09-30
04390226
core:PlantMachinery
2021-09-30
04390226
core:FurnitureFittings
2021-09-30
04390226
core:ComputerEquipment
2021-09-30
04390226
core:MotorVehicles
2021-09-30
04390226
core:LandBuildings
core:OwnedOrFreeholdAssets
2020-09-30
04390226
core:ConstructionInProgressAssetsUnderConstruction
2020-09-30
04390226
core:PlantMachinery
2020-09-30
04390226
core:FurnitureFittings
2020-09-30
04390226
core:ComputerEquipment
2020-09-30
04390226
core:MotorVehicles
2020-09-30
04390226
core:ShareCapital
bus:Consolidated
2021-09-30
04390226
core:ShareCapital
bus:Consolidated
2020-09-30
04390226
core:RevaluationReserve
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2021-09-30
04390226
core:RevaluationReserve
bus:Consolidated
2020-09-30
04390226
core:CapitalRedemptionReserve
bus:Consolidated
2021-09-30
04390226
core:CapitalRedemptionReserve
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2020-09-30
04390226
core:ShareCapital
2021-09-30
04390226
core:ShareCapital
2020-09-30
04390226
core:CapitalRedemptionReserve
2021-09-30
04390226
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2020-09-30
04390226
core:CurrentFinancialInstruments
2021-09-30
04390226
core:CurrentFinancialInstruments
2020-09-30
04390226
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2020-10-01
2021-09-30
04390226
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2020-10-01
2021-09-30
04390226
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2020-10-01
2021-09-30
04390226
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2019-09-30
04390226
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2020-10-01
2021-09-30
04390226
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2020-10-01
2021-09-30
04390226
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core:OwnedOrFreeholdAssets
2020-10-01
2021-09-30
04390226
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2020-10-01
2021-09-30
04390226
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2020-10-01
2021-09-30
04390226
core:ComputerEquipment
2020-10-01
2021-09-30
04390226
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2020-10-01
2021-09-30
04390226
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2020-10-01
2021-09-30
04390226
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2020-10-01
2021-09-30
04390226
core:UKTax
bus:Consolidated
2019-10-01
2020-09-30
04390226
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2020-10-01
2021-09-30
04390226
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2019-10-01
2020-09-30
04390226
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2020-10-01
2021-09-30
04390226
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2019-10-01
2020-09-30
04390226
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2020-10-01
2021-09-30
04390226
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2019-10-01
2020-09-30
04390226
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2020-10-01
2021-09-30
04390226
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2019-10-01
2020-09-30
04390226
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2020-09-30
04390226
core:Goodwill
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2020-10-01
2021-09-30
04390226
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2020-10-01
2021-09-30
04390226
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core:OwnedOrFreeholdAssets
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2020-09-30
04390226
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bus:Consolidated
2020-09-30
04390226
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bus:Consolidated
2020-09-30
04390226
core:FurnitureFittings
bus:Consolidated
2020-09-30
04390226
core:ComputerEquipment
bus:Consolidated
2020-09-30
04390226
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bus:Consolidated
2020-09-30
04390226
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2020-09-30
04390226
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core:OwnedOrFreeholdAssets
2020-09-30
04390226
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2020-09-30
04390226
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2020-09-30
04390226
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2020-09-30
04390226
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2020-09-30
04390226
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2020-09-30
04390226
2020-09-30
04390226
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core:OwnedOrFreeholdAssets
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2020-10-01
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04390226
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2020-10-01
2021-09-30
04390226
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bus:Consolidated
2020-10-01
2021-09-30
04390226
core:FurnitureFittings
bus:Consolidated
2020-10-01
2021-09-30
04390226
core:ComputerEquipment
bus:Consolidated
2020-10-01
2021-09-30
04390226
core:MotorVehicles
bus:Consolidated
2020-10-01
2021-09-30
04390226
core:MotorVehicles
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2020-09-30
04390226
core:Subsidiary1
2020-10-01
2021-09-30
04390226
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2020-10-01
2021-09-30
04390226
core:Subsidiary3
2020-10-01
2021-09-30
04390226
core:Subsidiary4
2020-10-01
2021-09-30
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core:Subsidiary1
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2020-10-01
2021-09-30
04390226
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2020-10-01
2021-09-30
04390226
core:Subsidiary3
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2020-10-01
2021-09-30
04390226
core:Subsidiary4
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2020-10-01
2021-09-30
04390226
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bus:Consolidated
2021-09-30
04390226
core:Non-currentFinancialInstruments
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2020-09-30
04390226
core:Non-currentFinancialInstruments
2021-09-30
04390226
core:Non-currentFinancialInstruments
2020-09-30
04390226
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2021-09-30
04390226
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2020-09-30
04390226
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2021-09-30
04390226
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2020-09-30
04390226
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2021-09-30
04390226
core:CurrentFinancialInstruments
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2020-09-30
04390226
core:Non-currentFinancialInstruments
core:AfterOneYear
bus:Consolidated
2021-09-30
04390226
core:Non-currentFinancialInstruments
core:AfterOneYear
bus:Consolidated
2020-09-30
04390226
core:Non-currentFinancialInstruments
core:AfterOneYear
2021-09-30
04390226
core:Non-currentFinancialInstruments
core:AfterOneYear
2020-09-30
04390226
core:CurrentFinancialInstruments
core:WithinOneYear
bus:Consolidated
2021-09-30
04390226
core:CurrentFinancialInstruments
core:WithinOneYear
bus:Consolidated
2020-09-30
04390226
core:WithinOneYear
2021-09-30
04390226
core:WithinOneYear
2020-09-30
04390226
core:BetweenTwoFiveYears
bus:Consolidated
2021-09-30
04390226
core:BetweenTwoFiveYears
bus:Consolidated
2020-09-30
04390226
core:BetweenTwoFiveYears
2021-09-30
04390226
core:BetweenTwoFiveYears
2020-09-30
04390226
bus:PrivateLimitedCompanyLtd
2020-10-01
2021-09-30
04390226
bus:FRS102
2020-10-01
2021-09-30
04390226
bus:Audited
2020-10-01
2021-09-30
04390226
bus:ConsolidatedGroupCompanyAccounts
2020-10-01
2021-09-30
04390226
bus:FullAccounts
2020-10-01
2021-09-30
xbrli:pure
xbrli:shares
iso4217:GBP